The supply curve of books (which are produced using paper made from trees) will shift to the left in response to
a. a decline in college tuition.
b. an increase in home building.
c. an increase in the supply of lumberjacks.
d. an end to government regulations that limit timber harvesting in national forests.
b
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Total revenue equals
a. marginal revenue - marginal cost. b. price/quantity. c. price x quantity. d. output - input.
Use the table below to answer the following question.UnitsMaximum Willingness to PayMarket PriceMinimum Acceptable Price1$14$8$2212843108648885681064814At what level of output is allocative efficiency achieved?
A. 2 B. 3 C. 4 D. 5
Figure 10.2 depicts a firm's marginal revenue product curve. If the output price is $5, what is the marginal product of the third worker?
A. four units of output B. five units of output C. six units of output D. seven units of output
The fastest-growing part of the federal budget is
A) national defense. B) payments for services rendered. C) entitlements. D) government salaries.